Jeff Yan, co-founder and CEO of Hyperliquid Labs, stated on a Bloomberg podcast on October 15 that U.S. users accessing their services via VPN are violating the terms of service. He believes that providing compliant access for U.S. users requires bridging the understanding gap between regulators and on-chain technology, and determining whether it aligns with the core principles of the U.S. Commodity Futures Trading Commission (CFTC). He cited an example where anyone can verify that the total user balance equals the amount of USDC held at a specific address, a feature that helps regulators recognize the benefits of this technology.